Issue - meetings

Consider report by Chief Financial Officer. (Copy attached)

With reference to paragraph 3 of the Minute of 14 November, there had been circulated a report by the Chief Financial Officer providing details of the income and expenditure for the Hawick Common Good Fund for nine months to 31 December 2017, a full year projected out-turn for 2017/18 and projected balance sheet values as at 31 March 2018.  Appendix 1, to the report, provided the projected income and expenditure position and showed a projected deficit of £2,761 for the year.  Appendix 2, to the report, provided a projected balance sheet value as at 31 March 2018 and showed a projected decrease in the reserves of £42,353.  Appendix 3, to the report, provided a breakdown of the property portfolio showing projected rental income for 2017/18 and actual property expenditure to 31 December 2017.  Appendix 4, to the report, showed the value of the Newton Fund to 31 December 2017.    Mr Yallop highlighted that the deficit referred to in Appendix 1 was due to ongoing renovation works and loss of rental income at St Leonard’s Cottage.  In terms of the Newtown Fund he advised that the transfer of investment to Kames had been completed in February 2018.   Monthly dividends from Kames were in line with the benchmark and it was expected that this would continue. 

DECISION

(a)        AGREED the projected income and expenditure for 2017/18 in Appendix 1, to the report, as the revised budget for 2017/18;

(b)       NOTED:

(i)         The projected balance sheet value as at 31 March 2018 in Appendix 2 to the report; 

(ii)        The summary of the property portfolio in Appendix 3 to the report; and

(iii)       The current position of investment in the Newton Fund in Appendix 4 to the report.